Need seen for stronger financial regulation
FINANCIAL REGULATORS IN the region are walking the thin line between rigorous due diligence and lack of red tape in order to facilitate business investment in the ailing economies of Barbados and the wider Caribbean.
This is the word from chairman of the Trinidad and Tobago Securities & Exchange Commission, Professor Patrick Watson, who says regulatory commissions must have a stick in one hand, but a carrot in the other when dealing with potential investors.
“Regulation is an art and a science. You have to know how to walk the line. You have to have the big stick but at the same time you have to have the carrot,” he told journalists at the signing of the Memorandum of Understanding (MOU) for exchange of information and cooperation between Barbados, Jamaica, Trinidad and Eastern Caribbean countries yesterday.
Watson said scammers were always entering this subregion, and it was almost impossible for a regulatory commission to say that a massive collapse like CLICO’s would not happen again.